Saturday, Jul 11, 2020 | Last Update : 07:46 PM IST

109th Day Of Lockdown

Maharashtra2384611326259893 Tamil Nadu130261846941829 Delhi109140846943300 Gujarat40155281832023 Uttar Pradesh3370021787845 Karnataka3341811878471 Telangana3222410123339 West Bengal2710917348880 Andhra Pradesh2542213914292 Rajasthan2317417620497 Haryana1993414904290 Madhya Pradesh1665712481638 Assam15537984935 Bihar1433010251111 Odisha11956797273 Jammu and Kashmir92615567149 Punjab71404945183 Kerala6535370828 Chhatisgarh3526283514 Uttarakhand3305267246 Jharkhand3192217022 Goa203912078 Tripura177313241 Manipur14357930 Puducherry120061916 Himachal Pradesh110182510 Nagaland6733030 Chandigarh5234037 Arunachal Pradesh2871092 Mizoram2031430 Sikkim134710 Meghalaya113451
  Business   In Other News  06 Apr 2020  Trump signals possible tariffs on oil imports amid low prices

Trump signals possible tariffs on oil imports amid low prices

REUTERS
Published : Apr 6, 2020, 10:17 am IST
Updated : Apr 6, 2020, 10:17 am IST

Oil prices have dropped by about two-thirds this year as the COVID-19 pandemic has hammered demand

 President Donald Trump speaks during a coronavirus task force briefing at the White House, Sunday, April 5, 2020, in Washington. (AP Photo)
  President Donald Trump speaks during a coronavirus task force briefing at the White House, Sunday, April 5, 2020, in Washington. (AP Photo)

WASHINGTON: U.S. President Donald Trump said on Sunday he could slap “very substantial tariffs” on oil imports if prices stay low, but does not expect he will need to, since neither Russia nor Saudi Arabia, which are locked in an oil price war, would benefit from continued low prices.

When asked at a White House press briefing under what conditions he would impose the levies, Trump said, “If the oil price stays the way it is...I would do that, yeah, very substantial tariffs.”

Oil prices have dropped by about two-thirds this year as the COVID-19 pandemic caused by the new coronavirus has hammered demand and as major producers Russia and Saudi Arabia boost output in a war over market share.

Trump had previously said that he expects the two countries to arrive at a deal to cut output by as much as 15 million barrels per day. Neither country has confirmed his comments, but Trump expects tariffs can be avoided.

“I would use tariffs if I had to. But I don’t think I’m going to have to, because Russia doesn’t benefit by having this and Saudi Arabia doesn’t benefit by having this. Oil and gas are their major sources of income so it’s obviously very bad for them,” he said.

The United States in recent years has become the world’s biggest oil producer, at times putting its exports in competition with Russia and members of the Organization of the Petroleum Exporting Countries, or OPEC.

As oil prices drop, many heavily leveraged U.S. energy companies face bankruptcies and workers are at risk of layoffs.

While Trump noted the low oil prices buoyed the battered airline industry and helped consumers, he reiterated his support for the oil sector.

Tags: global oil prices, oil imports, import tariffs, donald trump, oil prices, coronavirus pandemic, covid 19, oil tariffs
Location: United States, Washington, Seattle